Prominent Economist and Investor, CEO of Real Vision Media Platform Raoul Pal Explains Why Crypto Market Seems “Coiled”
Mr. Pal has shared charts to display the phase of crypto market dynamics and explain why it looks amazing for bulls.
Big move after big consolidation
Today, October 3, 2021, Mr. Pal shared the Cryptocurrency Net Market Cap chart displayed on a logarithmic scale.
According to this chart, crypto market cap touched the lower limit of the ascending channel and found a support. Thus, the uptrend is confirmed and the crypto markets may rise 3-6 times in the coming months.
The entire segment is almost ready to exit its “overbought” stage and enter an “oversold” period. This is why the economist expects a rapid upsurge in crypto capitalization in 2022.
At press time, the aggregated capitalization of the cryptocurrency segment is over $2.13 trillion, which is 16% lower than the all-time high registered on May 12, 2021, according to CoinMarketCap data.
Giant cup and handle
Additionally, Pal adds, he noticed a ‘cup and handle’ technical analysis pattern on the chart that displays the aggregate capitalization of all cryptocurrencies except Bitcoin (BTC) and Ethereum (ETH).
This chart turned bullish after crossing the $900 billion level, Mr. Pal says. Thus, all crypto-currencies seem to him “coiled”; even small caps are no exception.
As covered by U.Today previously, some on-chain indicators confirm that whales and long-term holders aggressively accumulated crypto during the last “dip.”
Glassnode’s Schultze-Kraft revealed that 80.5% of Bitcoin’s available supply (BTC) was in good hands at the end of Q3 2021.
